Latest Startup and Venture Capital News for Sunday, November 23, 2025: The Return of Mega Funds, Record AI Rounds, Revitalization of the IPO Market, Global Market Expansion, M&A Consolidation, a Renaissance of Crypto Startups, and the Emergence of New Unicorns. A Detailed Overview for Venture Investors and Funds.
By the end of November 2025, the global venture capital market showcases robust growth following a period of decline. Investors around the world are actively funding technology startups again: record deals are being made, companies are returning to IPO plans, and the largest funds are triumphantly re-entering the market with substantial investments. Governments in various countries are enhancing support for innovation and attracting private capital, which, along with the revival of stock markets, is spurring venture activity. As a result, significant funds are flowing into the startup ecosystem, though investors remain selective, preferring high-quality business models.
Recent data confirms this ascent: in Q3 2025, the global venture investment volume reached approximately $97 billion — a 38% increase from the previous year, marking the best quarterly performance since 2021. This is the fourth consecutive quarter of growth following the “venture winter” of 2022-2023. Mega rounds in the artificial intelligence (AI) sector have significantly contributed to this jump, although funding increases are noted across all stages. Venture activity is rising in nearly every region: the USA continues to lead (particularly in the rapidly growing AI segment), while the Middle East has seen investment volumes increase dramatically over the past year; in Europe, Germany has surpassed the UK in total venture capital for the first time in a decade. In Asia, there is heterogeneity: India, Southeast Asia, and Gulf countries are attracting record capital flows against a backdrop of relative stagnation in China. The startup scenes in Russia and the CIS are also striving to keep pace despite external constraints, launching new funds and initiatives to develop the local market. A new global venture boom is taking shape, although market participants remain cautious and selective.
Below are the key events and trends shaping the venture market as of November 23, 2025:
- The return of mega funds and large investors. Leading venture players are forming record funds and increasing investments, once again flooding the market with capital and reigniting risk appetite.
- Record rounds in AI and a new wave of unicorns. Unprecedented investments in AI startups are driving company valuations to unseen heights, fostering the emergence of many new unicorns.
- A revitalization of the IPO market. Successful public offerings of tech companies and new listings indicate that the long-awaited “window” for public exits has reopened.
- Diversification of sectoral focus. Venture capital is being directed not only to AI but also to fintech, biotech, climate tech, space, and defense projects, as well as other economic sectors.
- A wave of consolidation and M&A deals. Major mergers, acquisitions, and strategic partnerships are reshaping the industry landscape, creating new opportunities for exits and scaling businesses.
- Global expansion of venture capital. The investment boom is spreading to new regions — from the Middle East and South Asia to Africa and Latin America — forming their own technology clusters.
- A renaissance of interest in crypto startups. After an extended “crypto winter,” the blockchain project sector is revitalizing, once again attracting significant venture investment amid a rising crypto market.
- Local focus: Russia and CIS countries. New funds and initiatives are emerging in the region to develop local startup ecosystems, attracting investors' attention despite geopolitical constraints.
The Return of Mega Funds: Big Money Back in the Market
Major investment funds and institutional players are triumphantly returning to the venture arena, signaling a new surge in risk appetite. After a decline in VC fundraising during 2022-2024, leading firms are resuming capital attraction and launching mega funds, demonstrating confidence in market potential. Japan's SoftBank, having weathered recent challenges, announced the launch of its Vision Fund III with a target of approximately $40 billion, focusing on advanced technologies (AI, robotics, etc.). In the USA, Andreessen Horowitz is raising a record-sized venture fund of about $20 billion, with an emphasis on investments in late-stage AI startups. Simultaneously, sovereign funds from Gulf countries are significantly increasing their presence in the tech sector: Middle Eastern investors are pouring billions into promising startups worldwide and developing extensive programs to support their startup ecosystems. Dozens of new venture funds are also being created across all regions, attracting significant institutional capital for high-tech project investments. This influx of “big money” injects liquidity into the market and intensifies competition for the best deals, while instilling confidence in the sector's further capital influx.
Record Investments in AI and a New Wave of Unicorns
The artificial intelligence sector remains the principal driver of the current venture surge, showcasing unprecedented funding volumes. Since the beginning of 2025, AI startups in the USA alone have attracted over $160 billion (around two-thirds of all venture investments in the country), and analysts estimate that by year-end, global investments in AI companies will exceed $200 billion — an unprecedented level for the industry. The combined valuation of the ten largest AI startups (including OpenAI, Anthropic, xAI, and others) has approached an astronomical $1 trillion. The influx of capital into AI is accompanied by the emergence of numerous new unicorns. Just in October 2025, approximately 20 new startups with valuations exceeding $1 billion emerged worldwide — marking a record monthly addition to the “unicorn club” in recent years. While experts warn of potential market overheating risks, investor appetite for AI startups has yet to diminish.
Revitalization of the IPO Market: A New Wave of Public Offerings
The global IPO market is emerging from a prolonged stagnation and gaining momentum. After almost two years of inactivity, the revival of IPOs as a desired exit avenue for venture investors is evident. In Asia, Hong Kong has spurred a new wave of IPOs: several large technology companies have gone public in recent months, collectively attracting billions in investments. For instance, Chinese battery manufacturer CATL successfully launched shares, raising around $5 billion, demonstrating that investors in the region are once again ready to actively participate in IPOs. The situation is also improving in the USA and Europe: American fintech unicorn Chime recently debuted on the stock market, with its shares rising by approximately 30% on its first trading day. Shortly thereafter, design platform Figma conducted its IPO, raising about $1.2 billion at an estimated valuation of $15-20 billion; its shares also confidently rose in the initial days. In the second half of 2025, other notable startups, including payment service Stripe and a number of highly valued tech companies, are preparing for public market entry.
Even the crypto industry is attempting to capitalize on the revival: fintech company Circle successfully conducted its IPO in the summer (its valuation at listing was about $7 billion, and its shares subsequently surged), while the crypto exchange Bullish has filed for listing in the USA with a target valuation of around $4 billion. The resurgence of activity in the public offering market is critical for the entire venture ecosystem: successful exits through IPOs allow funds to realize profits and redirect freed capital into new projects, supporting further industry growth.
Diversification of Investments: Beyond AI
In 2025, venture investments are covering an increasingly broader range of industries and are no longer limited to just artificial intelligence. Following last year's decline, several adjacent sectors are visibly revitalizing, making the startup ecosystem more balanced and reducing the risk of overheating in specific niches. Venture capital is confidently expanding its horizon, investing across various areas:
- Fintech: After a hiatus in 2022-2023, financial technologies are again attracting large funding rounds, not only in the USA but also in Europe and emerging markets, fueling the growth of promising financial services.
- Climate and 'green' technologies: Projects in clean energy, climate tech, and agri-tech are receiving record investments amidst the global trend of sustainability and decarbonization.
- Biotechnology and healthcare: New developments in pharmaceuticals, genetics, and online medical platforms are once again attracting capital as industry valuations recover from previous downturns.
- Defense and space projects: Amid increased attention to security issues, investors are more actively funding defense technologies and cybersecurity. Simultaneously, interest in space startups — from satellite services to space exploration projects — is growing.
The expansion of venture capital's sectoral focus reflects the market's maturity: investors are diversifying their portfolios, and funds are directed into various innovative areas, reducing the market's dependence on a single sector.
A Wave of Consolidation and M&A: Larger Players Emerging
High valuations of startups and fierce competition for markets are stimulating a new wave of consolidation. Major mergers and acquisitions are once again taking center stage, reshaping power dynamics within the industry. Technology giants are striving to acquire key innovations and talent by embarking on active acquisition trails. A notable example is Google, which has agreed to acquire Israeli cybersecurity startup Wiz for approximately $32 billion, marking a record amount for Israel's tech sector. Such mega-deals demonstrate corporations' readiness to invest in cutting-edge developments to strengthen their positions. Overall, current activity in M&A and large venture deals signifies market maturation. Mature startups are merging with each other or becoming acquisition targets for corporations, while venture funds gain opportunities for long-awaited profitable exits. Consolidation accelerates the growth of the most promising companies and “cleans” the ecosystem of weaker players, making the market healthier.
Global Expansion of Venture Capital: New Technological Hubs
The investment boom is spreading to new geographical regions, establishing its own centers of technological development worldwide. The Middle East stands out significantly: countries in the region (primarily the UAE and Saudi Arabia) are investing unprecedented funds to create local tech hubs of global caliber. Over the past couple of years, venture capital volume in the Middle East has increased severalfold, resulting in new large funds and mega-projects (such as the NEOM tech city in Saudi Arabia). An active influx of capital is also observed in South Asia: India and Southeast Asia are setting new records in attracting investments, compensating for the relative cooling of the Chinese market. Concurrently, the startup ecosystems of Africa and Latin America are gaining strength, with new technological clusters forming thanks to increased funding. Thus, venture capital is becoming increasingly global: apart from traditional centers like Silicon Valley, New York, or London, new growth hotspots for startups are solidifying their presence on the world map.
Local Market: Russia and CIS Countries
Despite external constraints, Russia and neighboring countries are witnessing a revival of startup activity in 2025. Over the past year, several new venture funds have emerged (with a combined capital of around 10-15 billion rubles), and governmental structures along with large corporations have launched programs to support tech startups. Although the total volume of venture investments in the region remains modest by global standards and significant barriers (high rates, sanctions, etc.) persist, the most promising local projects continue to attract funding. The gradual formation of a local venture infrastructure is already creating a foundation for the future — for when external conditions improve and global investors can more actively return to the market. The local focus on developing the startup ecosystem in Russia and the CIS aims to ensure technological sovereignty and prepare the ground for the next generation of entrepreneurs.
A Renaissance of Interest in Crypto Startups
Following an extended “crypto winter,” the market for blockchain startups has noticeably revived. By autumn 2025, funding for crypto projects reached peaks not seen in recent years. New large rounds are occurring in the infrastructure segments of Web3 and decentralized finance (DeFi), with capital flowing back into promising blockchain platforms. The resurgence of the crypto market has also played a role: the flagship cryptocurrency Bitcoin surpassed the psychological mark of $100,000, fueling investor enthusiasm for the sector. Venture funds, which had previously been very cautious regarding crypto assets, are gradually resuming investment in projects bridging technology and finance. New initiatives focusing on crypto startups are emerging, including specialized funds and incubators for Web3 projects. While recent years have taught investors a lesson in vigilance — volatility and regulatory risks are still present — a cautious optimism has formed in the market: participants are increasing their presence in the crypto sector, striving not to miss the growth potential of this new wave of blockchain technologies.
Conclusion: Cautious Optimism and Quality Growth
By the end of 2025, moderately optimistic sentiments have strengthened in the venture capital industry. Successful IPOs and multi-billion dollar funding rounds indicate that the prolonged downturn is behind us, and the startup ecosystem is experiencing a new rise. However, investors remain vigilant: funding is being concentrated on startups with robust business models, proven economics, and real profitability potential. Large capital influxes into AI and other promising areas instill confidence in further market growth, yet players strive not to repeat the mistakes of past bubbles, applying a more stringent approach to valuations and project quality.
Thus, the startup ecosystem is entering a new cycle of development that is more mature and balanced. The return of major investors, the emergence of new unicorns, and successful exits through IPOs lay the foundation for another wave of innovation. However, the discipline and calculative nature of investors will define the character of this growth. Despite the increased appetite for risk investments, the focus remains on the quality growth of startups and the long-term sustainability of the market.
